Capital Dynamics (Australia) Limited

This licence authorises the licensee to carry on a financial services business to:

provide general financial product advice for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes limited to:

own managed investment scheme only; and

securities;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:

interests in managed investment schemes limited to:

own managed investment scheme only; and

applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

deposit and payment products limited to:

basic deposit products;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes excluding investor directed portfolio services; and

securities; and

operate the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:

"I Capital International Value Fund" scheme (ARSN: 134 578 180),

a scheme which only holds the following types of property:

financial assets;

"Icapital Asia-Pacific Ex-Japan Btb Fund" scheme (ARSN: 646 553 246),

a scheme which only holds the following types of property:

financial assets; and

"Icapital Asean Btb Fund" scheme (ARSN: 651 424 314),

a scheme which only holds the following types of property:

financial assets;

to retail and wholesale clients.